Financial statements of a manufacturing firm
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
Purchased $283,000 of materials.
Used $203,760 of direct materials in production.
Incurred $509,400 of direct labor wages.
Incurred $203,800 of factory overhead.
Transferred $860,300 of work in process to finished goods.
Sold goods for $1,358,400.
Sold goods with a cost of $764,100.
Incurred $243,400 of selling expense.
Incurred $141,500 of administrative expense.
Determine the Work in Process and Finished Goods for the Month Ended January 31
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:
Purchased $283,000 of materials.
Used $203,760 of direct materials in production.
Incurred $509,400 of direct labor wages.
Incurred $203,800 of factory overhead.
Transferred $860,300 of work in process to finished goods.
Sold goods for $1,358,400.
Sold goods with a cost of $764,100.
Incurred $243,400 of selling expense.
Incurred $141,500 of administrative expense.
Determine the Work in Process and Finished Goods for the Month Ended January 31